Stock

-based Compensation

We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plans include our

2017

Equity and Incentive Compensation Plan (the

“2017

EICP”); our

2007

Long-Term Incentive Plan, as amended (the

“2007

Incentive Plan”); and our Directors’ Restricted Stock Plan. The following table provides our stock-based compensation expense and related income tax benefit for the

three

and

six

-month periods ended

June 30, 2018

and

2017

(in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Stock-based compensation expense, gross	$	1,742		$	1,434		$	3,899		$	2,772
Forfeitures		(528	)		-			(528	)		-
Income tax benefit at our statutory rate associated with stock-based compensation		(308	)		(559	)		(856	)		(1,081	)
Stock-based compensation expense, net	$	906		$	875		$	2,515		$	1,691

All shares of common stock and Class A common stock underlying outstanding options, restricted stock units and performance awards are counted as issued at target levels under the

2017

EICP, the

2007

Incentive Plan and the Directors’ Restricted Stock Plan for purposes of determining the number of shares available for future issuance.

During the

six

-months ended

June 30, 2018,

we granted under the

2017

EICP:

●

110,040

shares of restricted Class A common stock with a grant date fair value per share of

$12.65

to an employee, of which

36,680

shares will vest on each of

February 28, 2019,

2020

and

2021;

●

110,040

shares of restricted Class A common stock with a grant date fair value per share of

$12.65

to an employee, subject to the achievement of certain performance measures, which will vest on

February 28, 2021;

●

318,196

shares of restricted common stock with a grant date fair value per share of

$15.25

to certain employees; net of forfeitures,

131,106

shares will vest on

February 28, 2019;

69,651

shares will vest on

February 28, 2020;

and

69,652

shares will vest on

February 28, 2021;

and

●

73,640

shares of restricted common stock to our non-employee directors, all of which will vest on

May 31, 2019.

During the

six

-months ended

June 30, 2017,

we granted:

●

Under the

2007

Incentive Plan,

307,943

shares of restricted common stock to certain employees, of which

102,648

shares vested on

January 31, 2018;

net of forefeitures,

86,783

shares will vest on

January 31, 2019;

and

86,781

shares will vest on

January 31, 2020;

●

Under the

2007

Incentive Plan,

198,220

shares of restricted Class A common stock to an employee, of which

66,073

shares vested on

January 31, 2018;

66,073

shares will vest on

January 31, 2019;

and

66,074

shares will vest on

January 31, 2020;

and

●

Under the

2017

EICP,

76,856

shares of restricted Class A common stock to our non-employee directors, all of which vested on

January 31, 2018.

A summary of restricted common stock and Class A common stock activity for the

six

-month periods ended

June 30, 2018

and

2017,

respectively, is as follows:

	Six Months Ended
	June 30, 2018					June 30, 2017
				Weighted-					Weighted-
				average					average
				Grant Date					Grant Date
	Number of			Fair Value		Number of			Fair Value
	Shares			Per Share		Shares			Per Share
Restricted stock - common:
Outstanding - beginning of period		503,685		$	11.14		396,033		$	12.06
Granted		391,836		$	14.63		307,943		$	10.40
Vested		(225,570	)	$	11.21		(200,291	)	$	11.82
Forfeited		(91,057	)	$	13.27		-		$	-
Outstanding - end of period		578,894		$	13.14		503,685		$	11.14

Restricted stock - Class A common:
Outstanding - beginning of period		462,632		$	10.63		415,082		$	10.15
Granted (1)		220,080		$	12.65		275,076		$	10.84
Vested		(274,926	)	$	10.48		(227,526	)	$	10.00
Restricted stock - end of period		407,786		$	11.82		462,632		$	10.63

Restricted stock units - common stock:
Outstanding - beginning of period		209,500		$	15.70
Vested		(209,500	)	$	15.70
Outstanding - end of period		-		$	-

(

) For awards subject to future performance conditions, amounts assume target performance.

June 30, 2018

and

December 31, 2017,

we had outstanding options to acquire

274,746

shares of our common stock, all of which were vested and exercisable. The exercise price of all outstanding stock options is

$1.99

per share. As of

June 30, 2018

and

December 31, 2017,

we did

not

have any options outstanding for our Class A common stock. The aggregate intrinsic value of our outstanding stock options was

$3.8

million based on the closing market price of our common stock on

June 30, 2018.